ETF Evaluator:
Crg U.S. Eqts 100% Struct Buf ETF SepSer (HSEP)
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Best Performing in Defined Outcome Over the Last Year
| 21.5% | Innovator Growth-100 Acltd Ps ETF™ April (QTAP) |
| 20.3% | FT Vest Emerging Mkts Buffr ETF - Mar (TMAR) |
| 20.3% | ProShares Nasdaq-100 Dynamic Buffer ETF (QB) |
| 19.3% | FT Vest Nasdaq-100 Buffer ETF – Mar (QMAR) |
| 18.9% | Innovator Growth Accelerated Pls ETF Jan (QTJA) |
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ETF Details
Crg U.S. Eqts 100% Struct Buf ETF SepSer Overview
Crg U.S. Eqts 100% Struct Buf ETF SepSer (HSEP) is an actively managed Nontraditional Equity Defined Outcome exchange-traded fund (ETF). Corgi Funds launched the ETF in 2026.
The investment seeks to provide investors with returns that generally match the price return (excluding dividends) of the SPDR® S&P 500® ETF Trust (the “Underlying ETF”), up to the upside cap of 8.90% (prior to taking into account management fees and other fees) while providing a buffer against 100% of losses of the Underlying ETF (prior to taking into account management fees and other fees), over the period from September 1, 2026 to August 31, 2027.
It obtains this exposure primarily through FLexible EXchange ®Options ("FLEX Options") on the Underlying ETF. The fund is non-diversified.
About Crg U.S. Eqts 100% Struct Buf ETF SepSer (HSEP)
There are 2 members of the management team with an average tenure of 0.04 years: Anthony Crinieri (2026) and Miles Braden (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
Crg U.S. Eqts 100% Struct Buf ETF SepSer has 7 securities in its portfolio. The top 10 holdings constitute 197.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Crg U.S. Eqts 100% Struct Buf ETF SepSer is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Crg U.S. Eqts 100% Struct Buf ETF SepSer has 0.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 163.3% There is 0.8% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 16.4% (16.4% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Crg U.S. Eqts 100% Struct Buf ETF SepSer has -80.5% of the portfolio in cash.
Assets Under Management
The fund has $1 million in total assets, which is below the $179 million average for the Defined Outcome category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
HSEP Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Crg U.S. Eqts 100% Struct Buf ETF SepSer expense ratio is average compared to funds in the Defined Outcome category. Crg U.S. Eqts 100% Struct Buf ETF SepSer has an expense ratio of 0.40%, which is 44% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Crg U.S. Eqts 100% Struct Buf ETF SepSer has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 6% for the Defined Outcome category.
Recently, in the month of September 2026, Crg U.S. Eqts 100% Struct Buf ETF SepSer returned 0.0%, which earned it a grade of NA, as the Defined Outcome category had an average return of 0.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Crg U.S. Eqts 100% Struct Buf ETF SepSer has a trailing yield of 0.00%, which is below the 0.38% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
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HSEP Trailing NAV Total Returns Data as of 9/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| HSEP Return (NAV) | na | na | na | na | na | na |
| HSEP Return (Price) | na | na | na | na | na | na |
| NAV +/- Price Return | na | na | na | na | na | na |
| Defined Outcome Avg | 0.0% | 1.7% | 9.7% | 13.5% | 9.1% | na |
| HSEP Grade (NAV) | na | na | na | na | na | na |
| +/- Category (NAV) | na | na | na | na | na | na |
| HSEP Tax-Cost Ratio | na | na | na | na | na | na |
HSEP Annual NAV Total ReturnsData as of 9/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HSEP Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| HSEP Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Defined Outcome Avg | 7.5% | 11.2% | 12.3% | 18.5% | -8.8% | 9.7% | 7.7% | 16.4% | -6.7% | 15.8% | na |
| HSEP Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 1 Mil |
| Share Class Assets: | $ 1 Mil |
| Turnover: | na |
| Expense Ratio: | 0.40% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.0 years | |||
| Average Tenure: 0.0 years | |||
| Managers (Year): Crinieri Anthony (2026), Braden Miles (2026) | |||
Portfolio Composition (as of 9/30/26)
| # of Holdings: | 7 |
| % in Top 10 Holdings: | 197.1% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.8% |
Portfolio Allocation |
|
| Domestic Stock: | 163.3% |
| Foreign Stock: | 0.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 16.4% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -80.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Corgi Funds |
| Phone Number: | 855-552-6744 |
| Website: | |
| Inception Date: | September 14, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.40% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.71% |
